Q3 2025 Tradeweb Markets Inc Earnings Call Transcript
Key Points
- Tradeweb Markets Inc (TW) reported strong third-quarter revenue growth, surpassing $500 million for the third consecutive quarter, with a 13% year-over-year increase.
- International revenues grew by 25% year-over-year, driven by strategic initiatives in emerging markets and the Asia-Pacific region.
- The company achieved record revenues in mortgages and strong growth in global ETFs and equity derivatives, with equities revenue up 17% year-over-year.
- Tradeweb Markets Inc (TW) continues to innovate with electronic trading solutions, launching the first fully electronic swaption package trading protocol.
- The company has made significant progress in emerging markets, with revenues from these regions nearly tripling since 2023, and is now generating over $100 million annually.
- US Treasury revenues decreased by 2% year-over-year due to weaker wholesale trends, which thrive in high volatility environments.
- Retail corporate credit revenues in the US fell nearly 30% year-over-year, primarily due to better relative yields in money markets and municipal bonds.
- The company's US Treasury market share declined to 22% in the third quarter, although it showed signs of recovery towards the end of the period.
- Tradeweb Markets Inc (TW) faces challenges in electronifying complex voice-centric package trades, which remain predominantly voice-driven.
- The company is experiencing a mix shift away from higher fee per million products, impacting average fees per million in several asset classes.
Good morning, and welcome to Tradeweb's third-quarter 2025 earnings conference call. As a reminder, today's call is being recorded, and will be available for playback. To begin, I'll turn the call over to Head of Treasury, FP&A and Investor Relations, Ashley Serrao. Please go ahead.
Thank you, and good morning. Joining me today for the call are our CEO, Billy Hult, who will review our business results and key growth initiatives; and our CFO, Sarah Furber, who will review our financial results. We intend to use the website as a means of disclosing material, non-public information, and complying with our disclosure obligations under regulation FD.
I'd like to remind you that certain statements in this presentation, and during the Q&A may relate to future events and expectations and as such constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.
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